An annual premium of 0.25% must be collected for Section 184 Indian Home Loan Guarantee Program loans. The premium ends differently than for regular FHA loans. For Section 184 loans the annual premium is charged through the payment year when a 78% Loan-to-Value (LTV) is first reached, after which it ceases.
No annual premium is charged for loans under the Section 184A Native Hawaiian Housing Loan Guarantee Program.
The global required field prompt in ConformX for Mortgage Insurance Premium, 1st Renewal Percent (FI 1104) on FHA loans has been modified to allow a value of 0.000% or empty through when:
- Is Section 184 (FI 32411) is set to “Yes”; or
- FHA Section of The Act Under Which the Loan is Covered (FI 746) includes “184”
when one of these two scenarios also applies:
- Loan to Value Ratio (FI 1075) is 78% or less; or
- Property State (FI 1714) is Hawaii.
These changes to the global field prompt are currently on Stage 1 and Stage 2 servers for testing and will be in effect on December 21, 2021. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.